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Starting a Business in Romania

Romania

Starting a Business in Romania

Romania Business Experts

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  1. Lease/Buy Financial Instruments(BG,SBLC)

    Dear Sir/MAWe are international financier, trust Consultant of worldwide development prime lending's.We are Specialist of funds, loans, bank guarantees. We are working with large lending's affiliated to a corporate consortium group operators and providers of Bank Financial Instruments. Through this large lending's,Trade group consortium, we can arrange the following services as their trust con

    Total Posts: 1 Last post by kimsungnyon2021

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    A RELIABLE AND A GENUINE PROVIDER THAT CAN DELIVER BANK GUARANTEE AND OTHER FORM OF BANKING INSTRUMENTS FOR LEASE WHICH ARE MAINLY FRESH CUT.Bank instruments which are cash backed can be used as thus; clients looking for loans to finance their businesses also serve as a collateral to get loans from banks in other to engage into any project at hand further details will be emailed upon request.

    Total Posts: 1 Last post by kimsungnyon2021

Why Start a Business in Romania?

Land area: 88,934 sq mi (230,339 sq km); total area: 91,699 sq mi (237,500 sq km)

Population: 22,215,421 (growth rate: 0.1%); birth rate: 10.5/1000; infant mortality rate: 22.9/1000; life expectancy: 72.4; density per sq mi: 250

Capital and largest city: Bucharest, 2,210,800 (metro. area), 1,906,800 (city proper)

Other large cities: Iasi, 320,000; Cluj-Napoca, 316,400; Timisoara, 316,100; Constanta, 309,000; Craiova, 301,100, Galati, 297,100; Brasov, 282,500

National day:

December 1 was adopted as National Day in 1990, being the day of celebration of the Great Assembly of Alba Iulia which voted for the union of Transylvania with Romania and which symbolise the union of all Romanians within a single state and the achievement of the unity of Romanian national state.

Legal holidays:

1 and 2 January (The New Year), Easter Monday, May Day, Holy Mary Day (15 August), First and Second Day of Whitsunday, 1 December, 25 and 26 December (Christmas).

Official language:

The Romanian language, which is the mother tongue of around 90% of the country's population. The easternmost representative of the family of Romance languages, Romanian descends directly from the Latin. The citizens belonging to ethnic minorities may freely use their mother tongue in schools, administration, justice, the media, culture.

Foreign languages:

The main foreign language used in Romania are: English, French, Italian. From the mid-19th century to the 1960s, the main foreign language used in Romania was French, to a certain extend, German.

Standard time:

East European zone lime (GMT + 2 hours). As of 1979, from the last Sunday in March to the last Sunday in September, Daylight Saving Time (GMT + 3 hours). Romania lies in the same time zone with the Republic of Moldova, Finland, Greece, Israel, Egypt and the Republic of South Africa.

Currency:

1 leu (plural - lei) = 100 bani (singular ban). The domestic convertibility of the leu was introduced in November 1991.

Economy - overview:

Romania, which joined the European Union, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. The country emerged from a punishing three-year recession thanks to strong demand in EU export markets. Domestic consumption and investment have fueled strong GDP growth in recent years, but have led to large current account imbalances. Romania's macroeconomic gains have only recently started to spur creation of a middle class and address Romania's widespread poverty. Corruption and red tape continue to handicap its business environment. Romania hopes to adopt the euro by 2014.

GDP - real growth rate:
7.6%

GDP - per capita (PPP):
$12,200

GDP - composition by sector:
agriculture: 8.1%
industry: 36%
services: 55.9%

Labour force:
9.32 million

Labor force - by occupation:
agriculture: 29.7%
industry: 23.2%
services: 47.1%

Unemployment rate:
7,1%

FDI in Romania has increased dramatically. Net foreign direct investment was inbound US$12 billion (EUR 9.1 billion). Cheap and skilled labor force, low taxes, a 16% flat tax for corporations and individuals, no dividend taxes, liberal labor code and a favorable geographical location are Romanias main advantages for foreign investors. New investment stimuli introduced more favorable conditions to IT and research centers, especially to be located in the east part of the country (where is more unemployment), to bring more added value and not to be logistically demanding.

Agriculture - products:
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Industries:
electric machinery and equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, chemicals, food processing, petroleum refining

Industrial production growth rate:
8%
country comparison to the world: 27

Electricity - production:
58.28 billion kWh
country comparison to the world: 44

Current account balance:
-$28.03 billion
country comparison to the world: 178
-$23.02 billion

Exports:
$59.75 billion
country comparison to the world: 56
$40.32 billion

Exports - commodities:
machinery and equipment, textiles and footwear, metals and metal products, machinery and equipment, minerals and fuels, chemicals, agricultural products

Exports - partners:
Germany 16.5%, Italy 15.6%, France 7.4%, Turkey 6.6%, Hungary 5.1%, Bulgaria 4.2%

Imports:
$92.09 billion
country comparison to the world: 42
$64.54 billion

Imports - commodities:
machinery and equipment, fuels and minerals, chemicals, textile and products, metals, agricultural products

Imports - partners:
Germany 16.3%, Italy 11.4%, Hungary 7.4%, Russia 6%, France 5.7%, Turkey 4.9%, Austria 4.9%, Kazakhstan 4.6%, China 4.2%

Reserves of foreign exchange and gold:
$ 44.47 billion
country comparison to the world: 33
$ 39.96 billion

Debt - external:
$ 92.76 billion
country comparison to the world: 36

Click here to Ask an Expert about Starting a Business in Romania

Organisations that can assist with Starting a Business

  • > Global Training Partners

    GTP cross cultural trainings and intercultural workshops help global companies in improving their communication, efficiency and profitability when doing business across cultures.

    More Details Visit Website
  • > PEO Worldwide Limited

    PEO Worldwide is an international PEO offering employer of record, payroll, employee benefits management, HR and compliance services throughout the world.

    More Details Visit Website
  • > Blue Marble Global Payroll

    Simplified Global Payroll Managing payroll in multiple countries is complicated with different systems, deadlines, and languages in each country, lack of reporting, and constantly changing laws and regulations. Trying to manage global payroll via fax and email with excel spreadsheets leads to data security issues, fines, and penalties for non-compliance. Blue Marble has solved global payroll challenges with cloud-based technology, customized aggregated monthly reporting, and a hybrid service model in 150+ countries around the world.

    More Details Visit Website
  • > Apostille & Legalisation Services

    At Apostille & Legalisation Services Ltd we specialise in the legalisation of UK Documentation for overseas use, using the fastest most efficient services possible to ensure we meet your deadlines. We understand the stress of setting up a company especially when its overseas but that is why we are here to take care of the documentation that comes along with it for you.

    More Details Visit Website

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